By Pietro Lombardi
Credit Agricole SA said late on Wednesday that it has crossed the 95% threshold in Credito Valtellinese SCARL and that it will reach 100% ownership of the Italian bank's share capital via a squeeze-out procedure.
The French bank will thus get the full control of CreVal shares for a total amount of 861 million euros ($1.05 billion).
Credit Agricole plans to merge Credito Valtellinese with its Italian business Credit Agricole Italia next year.
Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10
(END) Dow Jones Newswires
05-20-21 0140ET